Doris Wong Sing Ee, a director at Graphjet Technology (NASDAQ:GTI), recently sold 579,900 Class A Ordinary Shares of the company. The transaction, completed on December 12, 2024, was executed at a weighted average price of $1.12 per share, totaling approximately $649,488. The shares were sold in multiple trades, with prices ranging from $0.8286 to $1.37. Following this transaction, Wong Sing Ee no longer holds any shares in the company. The sale comes as GTI's stock has declined 88% year-to-date, though InvestingPro analysis suggests the stock is currently undervalued. The $246 million market cap company, which receives a Weak Financial Health Score, is set to report earnings on December 13, 2024.
In other recent news, Graphjet Technology, known for transforming agricultural waste into graphite and graphene, has elevated Mr. Liu Yu to the positions of Chief Operating Officer (COO) and Chief Scientific Officer (CSO). Liu, with over two decades of experience, will now oversee operational, customer support, and business development initiatives while continuing to lead technological advancements. In addition to the internal reshuffle, Graphjet has achieved three ISO certifications from ARES International, further solidifying its commitment to sustainable and efficient manufacturing practices.
In terms of intellectual property, the company has secured a patent in Malaysia for its innovative process of producing graphene from palm kernel shells. This patent enhances the company's intellectual property portfolio, with additional applications filed in the United States aimed at strengthening its global position.
Graphjet Technology also announced a change in its independent registered accounting firm, with Adeptus Partners LLC resigning. However, no disagreements were reported between Graphjet and Adeptus regarding financial statements or accounting principles. Following a brief period of non-compliance due to a delayed quarterly report, the company successfully regained compliance with Nasdaq's listing requirements. These are among the recent developments that highlight Graphjet's ongoing commitment to operational excellence and compliance.
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